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Changing GTA Resale Housing Market Reflects Economic Times
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. F. c$ ~6 s2 B2 `* fTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
# B% v2 t& A1 @8 N7 h0 hmoderated considerably during the first half of October with 2,700 homes changing hands,3 ^) ]6 N' Y2 I
Toronto Real Estate Board President Maureen O’Neill announced today.
' G, b* q8 l4 T' y# X9 F0 sSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,( p) ]4 g5 T$ n7 X
when 3,297 transactions were recorded and are down 10 per cent compared to the same period2 E, \1 {; G. `7 [& g/ L
in 2006 when 3,007 sales took place.0 _3 ?7 D% F1 w1 j1 a4 v
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21$ R# O2 L& g9 u' k. J( p" Y
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per8 [ F# |* r( Q' R
cent decrease from the 1,312 transactions recorded in the first half of October 2006.& t8 q4 }, E: j. m+ U D
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent8 a5 n0 ]3 _: L" Q7 W7 X
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
/ G+ O& Y( c+ zdown eight per cent from the 1,695 homes sold during the first half of October 2006.
4 |% l' ?/ i6 o/ ?+ f/ }House prices declined throughout the GTA during the first half of the month. The average price1 p) h9 v1 z' H# Y% `- Y6 M
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
8 I# d0 j0 a7 R3 H! Z8 l1 E- _period in 2007.
4 P8 x5 s: V2 V L. J2 d- vIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the, \; O* X0 ?5 Y' u7 G
$441,878 average recorded at mid-October 2007.
5 e# ?& t# d3 l9 r! G0 c0 LIn the 905 Region the average price of a home is currently $337,671. This represents an eight
4 Y& s2 K, p5 \$ }( _! Bper cent decline from the $365,527 average recorded during the first half of October 2007.
8 G. y) u4 k: A5 wWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
% ]% s2 S% S- z" o$ _% @& _more available stock from which to choose as compared to a year ago when 21,182 homes were! r" {9 H) c4 }6 R
listed.
, f5 b3 e. Q7 ~6 P, M4 P“More choice can mean slightly longer wait times for sellers whose homes are now on average,
9 r8 u* t% G" q4 C! `selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The* {4 _8 F5 e% D+ L* K$ _4 C
list to sales ratio is 97 per cent of the list price.” |
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